Core Viewpoint - Atmos Energy Corporation (ATO) is expected to report its second-quarter fiscal 2025 results on May 7, with an earnings surprise of 1.4% in the previous quarter [1] Group 1: Factors Impacting Q2 Earnings - Strategic investments and modernization of transmission and distribution systems are likely to have positively impacted the company's bottom line [2] - An expanding customer base and implementation of new rates in service regions are expected to contribute positively to earnings [3] - Higher distribution revenues and lower interest expenses are anticipated to further benefit the quarterly performance [3] - However, increased operation and maintenance expenses, along with higher depreciation and amortization, may have negatively affected the bottom line [4] Group 2: Q2 Expectations - The Zacks Consensus Estimate for earnings is $2.89 per share, reflecting a year-over-year increase of 1.4% [5] - The revenue estimate stands at $1.88 billion, indicating a year-over-year improvement of 14.4% [5] Group 3: Earnings Prediction - The company's Earnings ESP is +1.33%, suggesting a strong likelihood of an earnings beat [6] - Atmos Energy currently holds a Zacks Rank 2 (Buy), which supports the prediction of an earnings beat [7]

Financial Performance - Q2 FY25 adjusted earnings were $360 per share, compared to $345 in Q2 FY24[10] - The company reaffirmed FY25 adjusted EPS guidance range of $440 to $460[10] - Overall adjusted earnings were $178 million higher due to Gas Utility growth, Midstream growth, and other factors[22] Capital Expenditure - Q2 YTD FY25 capex reached $479 million, driven by Gas Utility investment[16] - FY25 capex target was raised to $840 million from $790 million[16] - The company maintains a 10-year capex target of approximately $74 billion[10, 16] Regulatory Matters - Missouri Public Service Commission (MoPSC) Staff recommended a $2462 million revenue increase for Spire Missouri in the rate case[10, 17] - Spire Missouri originally requested a $2895 million revenue increase in November 2024[17, 19] - Senate Bill 4 was signed into law in Missouri, enabling future test year ratemaking beginning July 2026[10] Segment Performance - Gas Utility earnings (pre-tax) grew due to higher Missouri ISRS revenues (+$87 million), Missouri usage net of weather mitigation (+$65 million), Alabama RSE (+$57 million), and lower run-rate O&M (+$08 million)[23] - Midstream growth was driven by additional storage capacity, contract renewals at higher rates, and asset optimization[23]

Group 1 - The company, Southwest Gas Holdings, Inc., will host its first quarter earnings conference call on May 7, 2025, at 11:00 AM ET [1] - A news release will be issued before the markets open on the same day [1] - The conference call will be available for live streaming on the company's website [1] Group 2 - The telephone number for the conference call is (800) 836-8184, with an international number of (646) 357-8785 [2] - A digital replay of the call will be accessible starting one hour after the call ends, available until 4:30 PM ET on May 14, 2025 [2] - The replay can be accessed by dialing (888) 660-6345 or internationally at (646) 517-4150, with a replay code of 98626 [2]

Core Insights - National Fuel Gas Company (NYSE: NFG) is scheduled to report its Q2 '25 earnings on April 30th after market close [1] Company Overview - The company is focused on long-term investment strategies, typically with a 5-10 year horizon [1] - The investment approach emphasizes a portfolio mix of growth, value, and dividend-paying stocks, with a particular focus on value [1] - The company occasionally engages in options trading as part of its investment strategy [1]

Group 1 - Zacks Premium provides various tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1][2] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market over the next 30 days, based on value, growth, and momentum characteristics [2][3] Group 2 - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, and Price/Sales, appealing to value investors [3] - The Growth Score emphasizes a company's financial health and future growth potential, analyzing projected and historical earnings, sales, and cash flow [4] - The Momentum Score assists investors in capitalizing on price trends, utilizing metrics like weekly price changes and monthly earnings estimate shifts [5] Group 3 - The VGM Score combines the Value, Growth, and Momentum Scores to identify stocks with the most attractive overall characteristics, serving as a strong indicator alongside the Zacks Rank [6] - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify the process of building a successful investment portfolio [7][10] Group 4 - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [8] - Investors are encouraged to focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for the highest probability of success [10][11] Group 5 - Southwest Gas Corporation (SWX) is a regulated utility providing natural gas services, currently holding a Zacks Rank of 2 (Buy) and a VGM Score of A [12] - SWX has a forward P/E ratio of 19.66, indicating attractive valuation metrics for value investors [12][13] - Recent earnings estimates for fiscal 2025 have been revised upward, with the Zacks Consensus Estimate increasing by $0.05 to $3.74 per share, and an average earnings surprise of 0.5% [13]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Asia utilities and energy sector**, highlighting the resilience of companies in this space against US tariffs, particularly in Hong Kong and Mainland China [2][19]. Core Insights - **Hong Kong Utilities**: Companies like CLP (2 HK, Buy) and CKI (1038 HK, Buy) are expected to maintain strong cash flows and shareholder returns due to their regulated business nature and predictable cash flows, despite macroeconomic uncertainties [3][13]. - **Mainland China Utilities**: Gas utilities are noted for their resilience, with companies like China Gas (384 HK, Hold) and BEH (392 HK, Buy) showing less exposure to industrial demand. The impact of US tariffs is minimal, with crude oil and LNG imports from the US accounting for only 2% and 5% of total imports, respectively [4][19]. - **ASEAN and India Utilities**: SCI (SCI SP, Buy) and NTPC (NTPC IN, Hold) are highlighted for their defensive characteristics against trade policies and macroeconomic risks [5][29]. Investment Recommendations - **Preferred Stocks**: The report lists six preferred stocks rated as Buy: CLP, CKI, Yangtze, Longyuan, SCI, and Hanwha Solutions, with no changes to target prices [11]. - **Valuation Metrics**: The report provides detailed valuation metrics for various companies, including target prices and expected upside percentages. For instance, CLP has a target price of HKD78.00, implying a 22.3% upside [35]. Risks and Challenges - **Oil and Gas Sector**: The report notes that the bearish expectations on oil prices could negatively impact earnings for companies like CNOOC (883 HK, Buy) and PetroChina (857 HK, Buy) [30]. - **Trade Policy Impacts**: The solar supply chain is under pressure due to US tariffs, particularly affecting Chinese manufacturers, while Korean suppliers like Hanwha are expected to outperform [6][31]. Additional Insights - **Cash Flow Resilience**: Gas utilities are highlighted for their strong cash flows and ability to maintain dividends, with BEH and CGH noted for their dividend policies [22][23]. - **Market Dynamics**: The report emphasizes that Hong Kong utilities have shown consistent outperformance against market risks, supported by favorable correlations with equity risk premiums and UST yields [3][13]. Conclusion - The Asia utilities and energy sector is positioned defensively against trade risks, with specific companies demonstrating strong fundamentals and cash flow resilience. Investment opportunities are identified in both Hong Kong and Mainland China utilities, as well as in select ASEAN and Indian companies.

Financial Data and Key Metrics Changes - The utility achieved a record annual operating margin performance and a return on equity over 8% for the second consecutive year [10] - Utility net income is expected to be in the range of $265 million to $275 million for 2025, driven by margin improvements and cost management efforts [11][51] - Utility operating margin increased by $72.5 million in 2024 compared to 2023, primarily due to $66 million of increased rate relief [37] Business Line Data and Key Metrics Changes - The utility saw customer growth with approximately 41,000 new meter sets added in the last twelve months [18] - The utility's operating margin improvement was partially offset by lower regulatory amortization and out-of-period adjusting entries related to net cost of gas sold [39] Market Data and Key Metrics Changes - Economic activity and demand for natural gas service remain strong, with significant in-migration driving customer growth [11][28] - Population growth projections for Arizona and Nevada are expected to outpace the national average over the next five years, translating to more meter sets for residential and small commercial customers [28] Company Strategy and Development Direction - The company is focused on becoming a premier fully regulated natural gas utility and is advancing its regulatory strategy [8] - Plans for robust capital spending are driven by economic activity in service territories, with expected investments of about $4.3 billion over the next five years [29][53] - The company remains committed to separating Century and is evaluating market conditions for executing disposition transactions [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum heading into 2025, with expectations for net income growth driven by regulatory strategy and cost management [11][50] - The management highlighted the importance of regulatory relationships and operational excellence in achieving future growth [55] Other Important Information - The company has over $360 million of cash on hand, enabling it to honor commitments and execute its 2025 strategy [19] - The company plans to maintain a competitive dividend in 2025 while targeting an investment-grade balance sheet [45][54] Q&A Session Summary Question: Is there a potential for more linear growth with the formula rates in Arizona? - Management indicated that under the current regulatory structure, growth is nonlinear, but a formula rate could lead to more linear growth in the future [61] Question: How do market conditions affect the timing of Century's separation? - Management is monitoring market conditions and assessing options for separation, emphasizing that it is not limited to price considerations [63][66] Question: Does the updated utility net income CAGR assume any impact from the pending SIM mechanism? - The utility net income CAGR does not include the SIM tracker or any pending regulatory filings [82] Question: What are the next steps regarding the formula rate plan? - Management is comfortable with the direction of the formula rate plan and is monitoring other utilities' filings for insights [90] Question: Will favorable regulatory outcomes improve earned ROEs in the future? - Management expects that favorable regulatory outcomes, such as a tracker or formula rate, would lead to improved earned ROEs [92]

Unitil (UTL) Q4 2024 Earnings Call February 11, 2025 10:00 AM ET Company Participants Christopher Goulding - Vice President of Finance and RegulatoryThomas Meissner - Chairman & CEODaniel Hurstak - Senior VP, CFO & Treasurer Conference Call Participants None - Analyst Operator Good day and thank you for standing by. Welcome to the Fourth Quarter twenty twenty four Unitope Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a que ...

MDU Resources Group (MDU) 2024 Investor Day Summary Company Overview - MDU Resources Group is transitioning to a pure play regulated utility company after the spin-off of Knife River in early 2023 and the anticipated spin-off of MDU Construction Services Group (now Everest Construction Group) expected at the end of 2024 [7][10][11] - The company serves 1.2 million customers across eight states with over 30,000 miles of electric and natural gas transmission and distribution lines, and has plans to invest $2.7 billion in regulated infrastructure over the next five years [8][11] Financial Performance - MDU's Utility Group earnings increased by 17% over 2022, with significant capital investments driving rate base growth of over 8.5% [71] - Pipeline earnings rose by 33% year-over-year, attributed to expansion projects and higher contracted volume commitments [72] - Everest Construction Group reported record revenue, earnings, and EBITDA, with a compound annual growth rate of 17% over the past five years [57][72] Strategic Focus - The company aims for nearly 100% regulated business, providing stability and predictability in cash flow [11][26] - MDU's long-term guidance includes an EPS growth rate of 6% to 8% and utility rate base growth of 7% [21][87] - The CORE framework focuses on customers and communities, operational excellence, returns-focused strategies, and employee engagement [13][25] Regulatory Environment - MDU has a proactive regulatory strategy, with significant activity in 2023 including completed rate cases in North Dakota and Montana [76][77] - The company plans to file several new rate cases in 2024, aiming to minimize regulatory lag and enhance earnings growth [77][78] Sustainability Initiatives - MDU is committed to reducing greenhouse gas emissions, with targets of a 45% reduction by 2030 for its electric utility and a 30% reduction for its natural gas utility by 2035 [43][42] - The company is also focusing on renewable natural gas and has established interconnection agreements to enhance its sustainability efforts [44] Market Opportunities - The company sees strong growth potential in the electrical and mechanical infrastructure markets, driven by federal funding and the demand for large-scale transmission projects [63][85] - The data center market is a significant growth opportunity, with a major customer addition in 2023 and plans for further expansions [23][72] Conclusion - MDU Resources Group is positioned for long-term growth with a strong balance sheet, a focus on regulated utility operations, and a commitment to sustainability and community engagement [88][89] - The anticipated spin-off of Everest Construction Group is expected to enhance shareholder value and allow both entities to focus on their core strengths [85][88]